I purchased a 3/2/2, 1366 sqft rental home built in 1986 (roof 8-10 years, no pool, smoke alarm, etc) in May 2023. At the time, I was able to work with an insurance agent to get a specialized policy for vacant homes (I was rehabbing it) for a premium of $1,975.

Late March, I received a renewal with the premium $2,827, for a vacant home (now tenant occupied). In April, shopped around a bit with a different agency, but they couldn’t find a cheaper rate. The agent recommended I talk with my current agency and get the renewal adjusted to reflect the property was occupied.

I took the advice and reach out to Goosehead (my current agency). The agent told me that Tower Hill (the insurance company) can’t adjust the occupancy status and that I’d have to rewrite a new policy for occupancy. I followed up with Goosehead about a dozen times and haven’t heard back.

Last week, I got a notice from Tower Hill Insurance that they are canceling my policy because the property is now occupied. Meanwhile, my lender already paid the new $2,827 premium out of my escrow. I finally was able to get Goosehead to finally give me a quote. The cheapest premium for an occupied property is now around $4,300. Is this rate typical? I’ve heard rates are increasing in Texas, but mine is more than doubling now.

I guess I should’ve never mentioned to Goosehead my property was no longer vacant.

Fort Worth, Texas

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